Financial Aid for the Physician Assistant Program Office
- Slides: 23
Financial Aid for the Physician Assistant Program Office of Financial Aid Duke University School of Medicine
Topics of the day • • Cost of Attendance (aka: the student budget) Duke’s Financial Aid Package Types of Financial Aid How to apply for Financial Aid All Rights Reserved, Duke Medicine 2007
Cost of Attendance for 2016 -2017 • Tuition & Required Fees • Living Expenses – $2, 052 / monthly • • $47, 171 $22, 572 $962 – housing (includes utilities) $516 – board $380 – miscellaneous $194 - transportation • Books • Loan fees $3, 325 $2, 460 • 1 st year total COA $75, 528 All Rights Reserved, Duke Medicine 2007
Duke Financial Aid Package • Federal Education Student Loans – (via Direct Lending) Unsubsidized Stafford Loan Grad PLUS Loan Aggregate loan limit of Subsidized/Unsubsidized Stafford Loans for Graduate & Professional students: $138, 500. Of this aggregate limit, $65, 500. 00 may be in Subsidized Stafford Loan. Grad. Plus loans are not applicable to the noted aggregate limit. All Rights Reserved, Duke Medicine 2007
Federal Direct Student Loans cont’d • Unsubsidized Stafford Loan – 5. 31% fixed interest rate for loans disbursed July 1, 2016 – June 30, 2017. Interest accrues while in school. Interest rates for loans to be disbursed after July 1, 2017 not yet available as tied to 10 year Treasury Note. – interest rate cannot exceed 9. 50% – 1. 069% loan origination fee (after 10/01/16) Maximum award per academic year - $20, 500. 00 All Rights Reserved, Duke Medicine 2007
Federal Direct Student Loans cont’d • Grad PLUS Loan – 6. 31% fixed interest rate for loans disbursed July 1, 2016 – June 30, 2017. Interest accrues while in school. Interest rates for loans to be disbursed after July 1, 2017 not yet available as tied to 10 year Treasury Note. – interest rate cannot exceed 10. 50% – 4. 276% loan origination fee (after 10/01/16) Maximum award per academic year – up to total cost of attendance (remainder of student budget) less any other resources All Rights Reserved, Duke Medicine 2007
Scholarships • National Health Service Corps – Pays tuition and required fees directly to school – Pays monthly living stipend directly to student $1, 316. 00 for 2015 -2016 academic year (stipend is taxable) – Service commitment is required • minimum of 2 years / full-time All Rights Reserved, Duke Medicine 2007
Scholarships • Duke PA Program Hamilton-Carter Scholarship This tuition scholarship award honors two former PA program directors who helped steer the mission, direction, and growth of the program. The PA program will award $10, 000 tuition scholarships to 15 incoming students who demonstrate the potential to fulfill the mission of the program. – To apply, applicants will submit a 1, 000 word essay which highlights how their background aspirations directly relate to the mission of the Duke PA Program – Application Deadline: April 1, 2017 – Award Decisions: June 1, 2017 – Additional information regarding the scholarship will be provided to those applicants who are offered admission into the class of 2019 – Award notification directly to student and Office of Financial Aid by program – Scholarship funding replaces loan funding in financial aid package All Rights Reserved, Duke Medicine 2007
State Loan Program • Forgivable Education Loan for Service (available to NC residents only) – Administered through College Foundation of North Carolina, separate application by student – Maximum award of $10, 000. 00 per academic year (applied to fall/spring terms only) – Funding dependent on appropriation from NC Legislature – Service commitment in NC is required – 1 year of service for each year of loan All Rights Reserved, Duke Medicine 2007
Other loans • Alternative Loans (private loans) – most require school certification – variable and fixed interest rates – stringent credit check – typically not available for federal loan consolidation or federal loan forgiveness programs All Rights Reserved, Duke Medicine 2007
Other funding sources • • Veterans Benefits – Yellow Ribbon Program Armed Forces Scholarship Civic Organizations Health Care Organizations School affiliations Professional Organizations Home state affiliations www. Student. Aid. ed. gov All Rights Reserved, Duke Medicine 2007
Applying for Financial Aid • Complete the 2017 - 2018 FAFSA Free Application for Federal Student Aid, www. fafsa. ed. gov 002920 Duke University / School of Medicine All Rights Reserved, Duke Medicine 2007
Your FAFSA Tax Return Filed for 2015? • Federal tax filing status must be one of the following in order to calculate EFC and determine eligibility – COMPLETED – NOT FILING – Please do not submit a FAFSA with a “WILL FILE” status as it is not valid for processing of aid awards – Parental information is not required – IRS data retrieval tool if taxes are filed All Rights Reserved, Duke Medicine 2007
To – Do List • Send in your documentation no later than April 15, 2017 • Check your credit report! – Students who borrow Grad PLUS loan will undergo a credit check by Direct Lending – check is valid for 180 days – Must not have adverse credit history or a co-endorser may be required – www. annualcreditreport. com All Rights Reserved, Duke Medicine 2007
Adverse Credit per the Department of Education • • • Bankruptcy (Chapters 7, 11 or 12 within past 5 years) Voluntary surrender within past 5 years Repossession within past 5 years Foreclosure proceedings started Foreclosure within past 5 years Deed in lieu of foreclosure Accounts totaling $2085. 00 and currently 90 day or more delinquent at time of credit check – Unpaid collection accounts – Charge offs / write offs Wage garnishment within past 5 years Defaulted loan that has been claim paid Lease or contract terminated by default County/State/Federal tax lien within past 5 years All Rights Reserved, Duke Medicine 2007
Financial Aid Timeline - April 15 – Due Date for Financial Aid Application - May 30 – Financial aid awards should be available - June 2017 - access to on-line acceptance of aid open to matriculated students (early June) - July 2017 - loan entrance counseling and Master Promissory Note completion deadline (early July) - August 2017 - financial aid disburses to student account 10 days prior to classes beginning - August 2017 - refunds issued to students for living expenses (first week of classes) All Rights Reserved, Duke Medicine 2007
Applying for loans • All federal educations loans offered through Direct Lending • www. studentloans. gov – Apply for loans – E-sign Master Promissory Notes – Complete Mandatory Entrance Counseling • Stafford/Grad Plus All Rights Reserved, Duke Medicine 2007
Federal Loan Facts Review • Stafford Unsubsidized Loan – 5. 31% fixed interest rate (for 2016 -2017) • Grad. PLUS Loan – 6. 31% fixed interest rate (for 2016 -2017) – 6 month grace period on both loans – Repayment lengths based on payment plan selected All Rights Reserved, Duke Medicine 2007
Loan facts cont’d • Fulfill service commitment for any loan and/or scholarship provided • Select repayment plan suitable for you – www. studentloans. gov • Keep track of your federal education loan debt – www. nslds. ed. gov • Keep loan servicer informed of any changes to your name, address, telephone numbers or Social Security number All Rights Reserved, Duke Medicine 2007
Details to consider • Arrive with at least 1 month of living expense on hand. 2 months is even better. • Cost of Attendance may not be increased to cover expenses for spouse and/or dependents. • Disbursement of loan refunds will not take place until 1 st day of classes. • Arrive with reliable transportation. Loans may not be used to purchase a vehicle. • Pay down consumer / credit card debt. High debt may impact ability to obtain Grad. PLUS loan funding. Consumer debt is not considered part of the cost of attendance. All Rights Reserved, Duke Medicine 2007
Office of Financial Aid staff Lori Crooks – Director of Financial Aid Karen Woodlief, Associate Director Mitsi Norton – Financial Aid Officer All Rights Reserved, Duke Medicine 2007
Contact Information • Office of Financial Aid Suite 0368, 3 rd Floor Seeley G Mudd Building Box 3067 DUMC Durham NC 27710 ph: 919 -684 -6649 fx: 919 -684 -0251 finaid@dm. duke. edu https: //medschool. duke. edu/education/student-services/office-financial-aid All Rights Reserved, Duke Medicine 2007
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